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Biotech / Medical : Trickle Portfolio

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To: tuck who wrote (399)	1/22/2001 9:17:16 AM
From: tom pope	Read Replies (1) of 1784

tuck, TSC's take on XGEN. Bear in mind that the prevailing line at TSC is bearish on biotech. It's from Ben Holmes' column. IPO: (XGEN:Nasdaq) Developed and is manufacturing and marketing a novel system designed to improve the efficiency and productivity of drug discovery and development. Deal size: 7,000,000 Price range: 10.00 - 12.00 Led by: UBS Warburg My take: Biotech -- what to do? This is the first biotech deal of the year and I'm still not convinced that you should be exposing yourself to these IPOs. This one is a pretty early situation with almost no revenue derived from customers. Most of the reported revenue comes from government grants. The technology is very speculative and has not yet gained any meaningful acceptance. There are no significant VCs behind the company and in reading the "Shares Eligible for Future Sale" section, it is clear signal that the insiders want liquidity ASAP. I'm going to be conservative and discount any potential "hype" or "boredom" plays on this one. Consider it flat in the immediate term and risky in the intermediate (three to six months) term.

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